Northwest Bancshares Q4 Profit Rises - Quick Facts

(RTTNews) - Northwest Bancshares Inc. (NWBI) announced that net income for the fourth-quarter ended December 31, 2013 was $20.4 million or $0.22 per share, up from $16.3 million, or $0.18 per share in the year ago quarter. On average, Five analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income decreased 6.4%, to $62.0 million from last year's $66.3 million, as decreases in interest income on loans receivable and investment securities of $5.5 million and $816,000, respectively, were partially offset by a $2.1 million decrease in interest paid on deposit accounts. These changes from the previous year were due primarily to the continued low level of market interest rates.

Noninterest income increased 42.6% to $20.9 million from the prior year's $14.7 million. This increase was due primarily to a $5.5 million increase in the gain on sale of investments. Additionally, the loss on the sale of real estate owned decreased by $2.1 million as the portfolio of foreclosed real estate decreased by $8.0 million, or 30.4%, compared to last year. Partially offsetting these increases was a decrease in mortgage banking income of $1.6 million, due primarily to retaining all new residential mortgage originations.

The company also announced that its Board declared a regular quarterly cash dividend of $0.13 per share and a special cash dividend of $0.10 per share, both payable on February 13, 2014, to shareholders of record as of February 3, 2014. This represents the 77th consecutive quarter in which the Company has paid a cash dividend.